August jobs report may appear rosy, but most job cuts have yet to hit, economists warn

Waves of fresh furloughs are poised to hit American workers as companies wake up to the reality that the coronavirus is proving more intractable than they initially thought.

“The ‘V-shaped’ recovery is a mirage,” said Nick Mazing, director of research at data provider Sentieo. “We are seeing a permanent reduction in the size of several sectors in the economy.”

While the economy added an estimated 1.4 million jobs in August, according to Friday’s government jobs report, the number actually points to a slowdown in the recovery. The total positions added is below the 1.7 million job gains for July, and far below the 4.8 million added in June.

The jobs report is based on a survey that is conducted during the week that includes the 12th of the month — but data that was collected after that period flashed warning signs for some economists.

As of Aug. 17, job openings

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Economists expect Shreveport-Bossier to recover some, but not all, jobs in 2021 and 2022

Shreveport-Bossier City likely won’t see full job recovery from COVID-19 until 2023, LSU business professor emeritus of economics Loren Scott said Wednesday.

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Scott spoke virtually on the Louisiana Economic Outlook he produces annually with his co-author LSU professor Greg Upton. The Port of Caddo-Bossier and Committee of 100 hosted the event.

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Shreveport-Bossier, the state’s fourth-largest metropolitan statistical area, has Louisiana’s third-highest job loss (10,600 jobs or 5.9%) for 2020.

The big losses came from Libbey Glass, DiamondJacks Casino and Dolet Hills mine and plant. Libbey Glass is shutting down its 450-person plant in Shreveport. DiamondJacks permanently closed its resort and casino in Bossier City, meaning 349 jobs were lost. Dolet Hills in Mansfield is closing its mine (155 jobs) and power plant (88 jobs).

Those were the biggest job losses in the area, but Shreveport-Bossier also lost jobs in hospitality and tourism as

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Here’s what 4 economists said about the August jobs report

  • In August, the US economy added 1.37 million jobs and the unemployment rate fell to 8.4%, the Labor Department reported Friday. 
  • The report narrowly beat economist expectations, showing that the labor market recovery from the coronavirus pandemic is moving forward. Still, economists worry that the pace of recovery has stalled. 
  • Here’s what four economists had to say about the report. 
  • Visit Business Insider’s homepage for more stories.

Even though the August jobs report beat expectations, economists warned that it also showed that the labor market recovery from the coronavirus pandemic recession has stalled, and that there’s underlying damage to the US economy that could leave lasting scars. 

The US economy added back 1.37 million jobs in August and the unemployment rate ticked down to 8.4%, beating economist estimates for gains and notching the first single-digit unemployment rate of the pandemic recession. The most jobs were gained in sectors hit hardest

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August jobs report preview: Economists expect job gains at slower pace

  • The median economist estimate for Friday’s US nonfarm payrolls report is that the economy added 1.37 jobs in August, according to Bloomberg data. 
  • That’s a slower pace of jobs gained than in previous months, signaling that the labor market recovery is faltering as the coronavirus pandemic persists. 
  • “We shouldn’t confuse some improvement with a economy that is roaring back,” Nick Bunker, an economist at Indeed, told Business Insider. 
  • Visit Business Insider’s homepage for more stories.

Economists expect that Friday’s August nonfarm payrolls report, set to be released by the Labor Department, will show that the pace of the recovery from the coronavirus pandemic has lost further momentum. 

The median economist estimate is that the US economy added back 1.37 million jobs in August, according to Bloomberg data. That’s less than the 1.8 million added in July and the 4.8 million added in June. Again, there is a wide range of

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